REGISTERED NUMBER: 10558929 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

SOARING PROPERTIES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

O R Valsgard

REGISTERED OFFICE:

143 Station Road

Hampton

Middlesex

TW12 2AL

REGISTERED NUMBER:

10558929 (England and Wales)

ACCOUNTANTS:

Alvis & Company (Accountants) Limited

143 Station Road

Hampton

Middlesex

TW12 2AL

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

-

-

Investment property

6

500,000

500,000

500,000

500,000

CURRENT ASSETS

Debtors

7

35,343

31,446

Cash at bank

6,143

41,625

41,486

73,071

CREDITORS

Amounts falling due within one year

8

(227,110

)

(249,627

)

NET CURRENT LIABILITIES

(185,624

)

(176,556

)

TOTAL ASSETS LESS CURRENT LIABILITIES

314,376

323,444

CREDITORS

Amounts falling due after more than one year

9

(382,490

)

(382,490

)

PROVISIONS FOR LIABILITIES

(22,823

)

(22,823

)

NET LIABILITIES

(90,937

)

(81,869

)

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

12

(91,037

)

(81,969

)

SHAREHOLDERS' FUNDS

(90,937

)

(81,869

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 September 2025 and were signed by:

O R Valsgard - Director

1.	STATUTORY INFORMATION

Soaring Properties Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Know how are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

and 31 December 2024

16,014

AMORTISATION

At 1 January 2024

and 31 December 2024

16,014

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2024

5,099

Disposals

(5,099

)

At 31 December 2024

-

DEPRECIATION

At 1 January 2024

5,099

Eliminated on disposal

(5,099

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

500,000

NET BOOK VALUE

At 31 December 2024

500,000

At 31 December 2023

500,000

Fair value at 31 December 2024 is represented by:

£

Valuation in 2021

69,748

Valuation in 2022

50,373

Cost

379,879

500,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

4,245

1,021

Other debtors

31,098

30,425

35,343

31,446

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

1,765

1,202

Other creditors

225,345

248,425

227,110

249,627

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

382,490

382,490

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

382,490

382,490

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Mortgage

382,490

382,490

The mortgages provided by Hampshire Trust Bank PLC are secured against the freehold properties known as 20 Highfield Road, Doncaster, South Yorkshire, DN1 2LA and 32 Highfield Road, Doncaster, South Yorkshire, DN1 2LA by way of fixed charge.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Retained

earnings

£

At 1 January 2024

(81,969

)

Deficit for the year

(9,068

)

At 31 December 2024

(91,037

)

The reserves include £97,298 that is not distributable because it relates to the net of tax revaluation of an investment property.

13.	RELATED PARTY DISCLOSURES

The company's borrowings with Hampshire Trust Bank £382,500 have been guaranteed by Mr Ole Valsgard, a director and shareholder of the company.

14.	GOING CONCERN

The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.